Technip to buy Global Industries for USD 1billion

Technip will pay USD 8 cash for every outstanding share of Global, a 55%
premium over the closing share price on Friday. The USD 1 billion price tag
includes assumption of USD 136 million in debt.

“The acquisition of Global Industries reinforces Technip’s leadership in
subsea, one of our three market segments alongside onshore and offshore,” said
Thierry Pilenko, Chairman and Chief Executive Officer of Technip, in a
statement.

The subsea market — which includes undersea pipelines and sea floor
production and processing equipment — is likely to have a very strong year in
2011, Pilenko said.

Global is based in Carlyss, La. but has its international headquarters in
Houston. It has 2,300 employees and operates 14 ships, ranging from subsea pipe
laying vessels to heavy-lift vessels.

Technip has 23,000 employees and currently operates 20 ships involved in
offshore construction. Before this deal Technip lacked vessels with “S-lay”
capabilities for laying pipelines. That process involves using vessels with
large underwater tressels that help guide a continuously welded string of pipe
to the sea floor.